Income Tax Articles
Section 36: Other Deductions Under The Income Tax Act
While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.
A Reference Guide to Section 194Q of Income Tax Act, 1961
Since the introduction of section 194Q has created a lot of confusion and query among taxpayers and tax consultants including professionals, let's understand the section through an FAQ model.
All about PAN
Discussing the basics of PAN, the necessity to have a PAN, how to know your PAN, how to apply for PAN online and other relevant things about PAN.
Enabling ITR Rectification on the portal for the AY 2020-21
A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made.
Prevention Of Money Laundering Act, 2002 | A Brief Analysis
Money laundering, in the simplest of senses, is defined as a means or process by which proceeds from criminal activities are disguised in order to hide their illegal origin.
Know 10 tax benefits for the amount spent or invested on Children
Parents don't think of tax benefits while spending money on their children, however, much of their spending on the children are also eligible for tax deductions.
An Insight into Glitches in New Income Tax Portal 2.0 and Solutions
Since its launch, the new e-filing portal has been prone to numerous glitches. Such glitches have restricted taxpayers from carrying out any tax-related work and any business transaction which is subject to tax.
Taxation of Cryptocurrencies
The current dilemma faced by the government authorities is to come up with an efficient way of taxing cryptocurrencies, which in turn puts the crypto investor community in a jeopardy.
Interest earned out of share application is adjustable towards share issue expenditure
The issue with respect to the tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts.
Taxability of Share premium under Section 56(2)(viib)
Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.
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